FAQ

Below we have published the answers to questions that are most frequently asked by our clients. If you don’t find the question you’re looking for, you can always ask a new one using the contact form below and we will be happy to answer.

How do I go about buying an apartment in New York?

The main steps to buying an apartment in New York are:

Area selection, approval of budget, apartment searching, approval rates, legal advice and use of a tax adviser, signing a contract, and finally closing.

Now about the timing. If you are interested in an object which is present on the market, and you have the money, the process of preparing all the documents, and the purchasing should not take more than two months.

If you are looking for something unique, then the search alone can take up to 4-6 months.

If you decide to apply to the bank for a loan, then its execution and approval may take 2-3 months.

For, more details about the stages of registration, visit our website.

How do I rent an apartment in New York and what documents are needed to rent an apartment?

To rent an apartment in New York, you must provide the following documents:

Contract or documents from your employer confirming that your annual income covers the rent 40-45 times (if your income is "not up" to this criterion, additional letters from financial guarantors are needed), a certificate proving your good credit history, social insurance identity card number, proof that the necessary fees were paid (payments depend on the requirements of the owner or the management company and also you may be required to pay the insurance or security deposits for transportation of furniture), checks for payments of the first and last months of residence, as well as a security deposit (all checks must be certified by the bank, because personal checks are not accepted).

In the event that any of these documents, you cannot provide, you have to pay from six to twelve months in advance.

What are the prices for an apartment in New York?

In New York, the most expensive apartments are located in Manhattan, while the cheaper ones reside - in Brooklyn, Queens and the Bronx, and the cheapest being - Staten Island.

Manhattan real estate is divided into cooperatives and condominiums. Cooperative housing is cheaper while a condo apartment is usually 25-35 percent higher in price. (Reasons Here)

The average price of a good studio in Manhattan starts at 500,000, goes up to 750,000 - 1.2 million for two-bedrooms, and finally a four room apartment is around the 2-million mark.

Can I buy an apartment in New York for a cheap price?

There are several ways to allow such a purchase:

- Buying an apartment in a cooperative lowers the price noticeably, but for such a purchase you need perfectly prepared documents, and a decent financial credit history.

- The purchase should not be unique and not too attractive for other buyers, to allow you to choose between multiple vendors, using the possible financial difficulties to gain leverage in the purchase.

- Buying an apartment in a new building at its initial stages is a time when sales have just begun, and the owner must show the bank a movement of sales on the project, meaning you can save up to twenty percent.

In any case, if you have the time to search and a full amount of money for the purchase, we will do our absolute best to bring you the best results.

How much would an apartment in New York cost in rubles?

The average starting price of a decent apartment in Manhattan starts at 15 million rubles. In Brooklyn – it starts with 6 million rubles. The cheapest accommodation in New York today is worth at least 3.5 million rubles.

How much it costs to rent an apartment in New York for a year?

The annual rent varies greatly on the type of building and its location, as well as the presence or absence of furniture. The average price of a studio will vary between $1800-2500, in $2200-3700 for 1 bedroom and $3500-6500 for a two bedroom, and a 3 bedroom would be $4500-10500 per month.

How much does it costs to rent an apartment in New York for a month?

In contrast to the annual lease, the rent needed for a month will be much more expensive. And also, when renting for a month, the amount for the security deposit also will be at least the equivalent of one month’s rent. In general, the apartment, which is rented for a month, will cost approximately, 20-30 percent more than the same apartment, rented for a year.

What is the price for new buildings in New York?

Basically the price of new buildings in New York is different from the already existing facilities by 20-30 per cent. Plus all the new homes there are Tax Abatement, which saves you the trouble in the first 10-25 years (depending on the type of home), the trouble of paying annual taxes.

However, in recent years the number of new buildings has not been high, and with the persistent demand and rapid implementation, each instance of the object in the new building must be considered individually.

What is a good place to live in Manhattan?

All areas of Manhattan are very different from one another, so the choice of housing is very important to find the perfect residence. Consultation with your broker and defining requirements is highly recommended because you are sure to get some suitable results for your conditional area. Do not get discouraged if at first you cannot find what you are looking for. Perhaps, after reviewing their requirements and criteria, you will hit the target on the second attempt. There were cases where the criteria of the original in the search were not one to shout about. But the professionalism of the broker is to get it right, and to find you a suitable object of saving your time and, of course, money. So that you get the desired real estate and do not overpay for the features or options that will never be to your advantage.

How do I buy an apartment in New York without intermediaries?

A typical question that concerns people who are accustomed to a mediator, who should we mention, is expensive to hire and not always efficient and/ or convenient.

In New York, when you make a transaction, each party has its own broker. This is to ensure that each party was represented by a professional and could not, because of this, get the best conditions. The buyer’s broker helps them navigate the apartments (how often it sold, at what price, when it happened the last time, etc.), to help analyze the situation in the house as a whole (at what price and on what terms to sell the apartment of the same type, and what is for sale right now), to help determine general trends and dynamics in this market segment, as well as intelligently compare outwardly similar proposals with all the subtleties and hidden details of the object. In addition, the New York brokerage fees on both sides are provided by the seller. Therefore, our customer service is always free.

Why is the price of the selected option different from the average price of this area?

A This question comes up quite often. Sometimes it is asked a bit more sharply, "Why should I pay more, if the average price is less?!" The fact of the matter is, that when you buy a house in the suburbs, (for example) there is usually a single ownership or the price varies only according to the size or condition of the house or apartment, so you can then focus on an average price. But in New York - the city where old cooperatives and new condos, luxury homes with every imaginable comfort and Rental Buildings can stand side by side, the price, at times, can vary significantly. So when buying try to focus on a mid-price index, with your personal broker who makes note of all your personal needs, wishes and possibilities, instead of using a soulless computer which generates ZIP codes, which often get several different price areas, and above all a terrible result.

What is the cost of living in NewYork?

The main criterion for the calculation of the cost of living in New York will always be the price of housing. The recommended limit housing costs for a family in New York, is a 30-percent threshold. It is calculated that if the family spends 1/3 of their total annual income on rent or payment of the loan to buy an apartment, then the remaining balance the family has can easily pay for food, medicine, cars, all kinds of insurance, telephone, Internet with TV, education, entertainment , holidays and can even save money on a Savings Account.

Thus, it would be accurate to calculate the cost of living in New York, based on the existing or planned annual incomes of all family members. Or, on the contrary, look at the monthly rental cost which suits your needs, multiply the amount by 3, and then you are left with the total amount of the required annual budget.

What do I rely on when buying houses and apartments in the United States?

It largely depends on your own preference. As on our part, we are always ready to advise you on all issues and details of the acquired property.

How much is a two-story apartment in New York?

Usually the cost of a two-story apartment (duplex) is higher than the standard price for the same level apartment by 20 percent. Since the split zoning is more unique and more relevant, it is usually such an apartment which has a more expensive rent and lease.

What is the cost per meter of housing in New York?

Today, the average cost of resellers homes is 850 to 1200 dollars per square foot (7500-10800 per square meter). Apartments in new buildings are 1000 to 2000 dollars per square foot (9000-18000 dollars per square meter).

Should I buy an apartment in a cooperative house in New York?

It is in fact worth it if you have no plans to sell in the near future. Also keep in mind that there will be strongly enforced rules and lots of required documents if you are a foreign citizen. Sadly, it is not always possible to fulfill all the requirements to become a purchaser of cooperative house. In any case, it is better to make an informed decision in consultation with your broker before anything else.

What is the best house or apartment in New York?

The question is purely individual. Houses in New York City are mainly found in the close by suburbs. So that when it comes to parents, they are often tied to the schools best for their children. If the question of schools is not relevant to you, the first thing to your broker needs is to visit different types of homes in Manhattan, and to feel exactly what options and offers of convenience are preset in this building that you can never get in a private home.

If I am Russian can I buy an apartment in the U.S.?

In the U.S. and New York in particular, there is a constant inflow of foreign investments in real estate. On the market today there is a situation where a foreign citizen, provided the first installment in the amount of 40-60 percent of the total value of the property can receive a credit for the purchase, from the bank by 3.10 - 3.80 percent per year.

In which area is better to buy a house in New York?

Due to the fact that New York is a big city and the road from one end to the other can take hours, the main criteria in the selection of buying a home in New York in the first place is the proximity to certain objects of interest. It could be offices, schools, colleges, subway stations, shops, homes of friends or relatives living. In any case, you should get acquainted with the description of New York City to see the New York area more closely.

What total amount do foreigners have to pay when buying real estate in New York?

The total amount of payments are made with the calculation of a particular object in mind before the paperwork is signed to close the deal. It depends on the price of the object, its location, the need for processing the loan, and additional conditions. In this case, the sum of all payments from the registration of the loan would be no over than 5-6 percent of the purchase price, and with no credit registration (if paid the full cost of its assets) is 1.5-2.5 percent.

What street divides the East Side and the West Side in New York City?

Fifth Avenue, for quite some time now, has been the unofficial divider of Manhattan. To the right of the avenue is the East Side, and to the left the West Side. On both sides of the first block, the homes will have only two-digit designations (for example #20, #32, #45), while the homes on the second block will begin with the first hundred (#101, #134, #167), third block will begin with two hundreds (#202, #249, #288), and so on. Thus, the most distant homes to each other will be at addresses beginning with five hundred - for example, 524 East 86th Street and 524 West 86th Street. The distance between them is only 2.2 miles.

In New York do people just live or just work?

Some live, others work, but most New Yorkers are trying to do both simultaneously :)

All information on this website including information about a property for sale, rental or financing has been obtained by IliveNewYork.net from sources which IliveNewYork.net deems reputable and reliable. All guides, reference materials, mortgage and closing cost calculators, etc, presented herein are for your reference only and are approximate. No representations are made as to the accuracy of such information, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice, as such information has been provided by independent third parties who are solely responsible for its content. Exact closing costs and mortgage information can be obtained from your mortgage representative and/or attorney. All square footage and dimensions presented herein are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.